The Booktopia Group Limited (ASX:BKG) started trading on the ASX on 3 December 2020 and registered over 20% gains in the morning trading hours.
- The Australian online bookstore was established in 2004.
- It ships around 25,000 items per day.
- The company has a turnover of $165 million a year.
The IPO raised $43.1 million at $2.30 per share. As the trading commenced at 11 AM AEDT, the shares of the firm rose more than 20% to $2.80 per share.
The book sector in Australia is a significant one as reportedly, Australians spent $2.5 billion on books in 2020 out of which 36% were bought online.
Meanwhile, the stock BKG was spotted trading at $2.60 per share at 2:32 PM AEDT.